Question

Mr. Dileep Rao has set up a sinking fund so that he can accumulate $₹ 10,00,000$ in $10$years for his children's higher education. How much amount should Dileep Rao deposit at the beginning of each year to accumulate this amount at the end of$10$ years. If the interest rate is compounded annually? Given that $(1.12)^{11}=3.477$ (Rounded off to the nearest paise)

• A. $₹ 50000$
• B. $₹ 50900$
• C. $₹ 51211.10$
• D. $₹50912.18$

Answer 1

Answer: (D)

$₹50912.18$

Answer 2

The correct option is (D: $₹50912.18$